FedEx (FDX) abruptly pulled it

2022-09-16

FedEx (FDX) abruptly pulled its full-year earnings guidance late Friday and announced major cost-cutting moves. FedEx stock plunged late and UPS (UPS) also tumbled.

FedEx also announced preliminary results for the quarter ended Aug. 31. FedEx earnings per share fell 21% vs. a year earlier to $3.44, far below views for an 18% gain. Revenue rose more than 5% to $23.2 billion, also missing.

The company was due to report late Sept. 22.

FedEx Express results were particularly impacted by macroeconomic weakness in Asia and service challenges in Europe, leading to a revenue shortfall in this segment of approximately $500 million relative to company forecasts. FedEx Ground revenue was approximately $300 million below company forecasts.

In late trading, FedEx stock tumbled 15% and UPS stock lost 5%.

@Daily_Discussion

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Comments

Michelle Ong
2022-09-16
Michelle Ong
Like back thanks
lowmy
2022-09-16
lowmy
sign of slowing down for demand for delivery service
MSJYJ
2022-09-19
MSJYJ
good
Holomatt
2022-09-16
Holomatt
Sians
szeting
2022-09-16
szeting
like
kt5796
2022-09-16
kt5796
ok

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